The chairs of the respective Congressional tax writing committees, Rep. Dave Camp (R-MI) and Sen. Max Baucus (D-MT), intend to consider corporate tax reform options, including international tax issues, in 2013. Chairman Camp issued an international tax reform discussion draft in October 2011. The Senate Finance Committee (SFC) staff has now moved the process along by publishing a report outlining the main options for international tax reform, the fifth report in a series on tax reform options.
The Senate Finance Committee has a history of bipartisan cooperation, and the international tax reform options listed in the staff report reflect both Democratic and Republican proposals. Any legislation that the Committee ultimately adopts likely will feature options from this list. Thus, the report indicates the potential shape that international tax reform may take during the current Congress. As always, companies that these proposals might affect should consider participating in the legislative process.